ST. CATHERINE’S BRITISH SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] AUGUST 2023 Charity number: 313909 Company number: 00860288 





## **ST. CATHERINE'S BRITISH SCHOOL** 

(A company limited by guarantee) 

## **DIRECTORS’ REPORT FOR THE YEAR ENDED 31[st] AUGUST 2023** 

The Governors are pleased to present their annual Directors’ Report together with the financial statements of the charity for the year ended 31[st] August 2023 which are also prepared to meet the requirements for a Directors’ Report and Accounts for Companies Act purposes. 

The financial statements comply with the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 

## **Status and Administration** 

St. Catherine's British School (“the School” or the “Company) was founded in 1956. The School is a non-profit company limited by guarantee, registered number 00860288 and is also a registered charity, number 313909. 

## **Mission Statement** 

St. Catherine's British School endeavours to foster a love of learning through a well taught, appropriately challenging and clearly defined, broad and balanced curriculum. Our aim is to develop fully pupils' intellectual, social, physical, and creative potential, in anticipation that they will develop into sensitive, informed, decisive and capable global citizens of the future. 

## **Objectives** 

To provide for and promote the moral, cultural, intellectual social, physical, and aesthetic development and the teaching and instruction of pupils according to the National Curriculum for England and Wales, IGCSE and International Baccalaureate, with the overall objective of preparing pupils for the opportunities, responsibilities, and experiences of adult life in national and international society. 

In setting our objectives and planning our activities our Governors have considered the Charity Commission’s general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education and on fee-charging. 

## **Policy** 

The School is a day school based in Athens, Greece which follows the National Curriculum for England and Wales, the International General Certificate of Secondary Education (Years 10 and 11) and the International Baccalaureate Diploma Course for Years 12 and 13.  Classes are conducted in the English language, although Greek language, history and culture lessons also feature prominently in the school's programme. 

Our School welcomes pupils from all backgrounds. To admit a prospective pupil, we need to be satisfied that our School will be able to educate and develop a prospective pupil to the best of their potential and in line with the general standards achieved by their peers. Entrance interviews and assessments are undertaken to satisfy ourselves and parents that potential pupils can cope with the pace of learning and benefit from the 

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education we provide. An individual’s gender, ethnicity, race, religion, or disability do not form part of our assessment processes. 

We are an equal opportunity organisation and are committed to a working environment that is free from any form of discrimination on the grounds of colour, race, ethnicity, religion, sex, sexual orientation, or disability. We will make reasonable adjustments to meet the needs of staff or pupils who are or become disabled. 

## _**Activities**_ 

During the year we witnessed the potential of our new building being exploited to great effect. The fabulous theatre – described by people in the know as the best theatre in northern Athens – showcased the talents of our students – young and old – to great effect. 

We were delighted to host our second Model United Nations event on the theme of “Education and Gender Equality” and, of course, our young musicians and thespians alike relished the opportunity to perform in an arena where sound and lighting truly reflected their talents. “An Inspector Calls” was a superb dramatic production as was “A Gentleman’s Guide to Love and Murder” whilst the Upper School Spring concert performed together with our friends and colleagues from St George’s School in Rome was a truly memorable collaborative event. Rome featured again as our Year 7 & 8 team were triumphant in the Senior COBIS Games in the “Eternal City”; and finally, our inaugural Alumni Social Event at Christmas was a great success with over 250 former students returning to enjoy meeting old friends and teachers – and vowing to return next year! 

Our debaters continued to excel in local and national competitions now that normal live competition had returned to the post-COVID world. 

The school increased the number of our very popular extra-curricular clubs including robotics and baking as well as the ongoing sports and music opportunities. The school has always provided numerous trip opportunities both at home and abroad and organise trips towards the end of the academic year – these included trips to Marathon, Mt. Parnassos, Mt. Parnitha, Malakasa, Spain and the Netherlands. 

In July 2023 the school ended the year by running two very successful Summer Schools – one a Sports Camp attracting a wide range of ages and the other targeted at creative play and learning for younger children. Both these camps attracted record numbers of attendees – a great end to the year for all concerned! The year saw continued progress on developing and improving the facilities on the Lower School with the introduction of a modern Science Laboratory installed by the same company who had been responsible for the whole Upper School Science Department – a great addition to support the delivery of the Lower School Science curriculum. 

The Lower School library also saw an extension and improved internal furnishings enabling our Librarian to enhance our literacy provision across the whole Lower School. As each year goes by our reconfiguration strapline of “Better than before” continues to see realisation. The end of the year also saw the final demolition of the remaining derelict Upper School buildings as well as the renovation of the canteen opening up the commencement of our “Green Spaces” Project in the new academic year. 

The school continued to offer the National Curriculum for England and Wales for all pupils, both girls and boys, from the age of three up to fourteen, an IGCSE/GCSE programme up to sixteen and thereafter the International Baccalaureate Diploma to eighteen. 

The school’s principal funding source continued to be application, registration, development fund, nursery, and main school fees. 

The school’s third ISI inspection was in the autumn of 2016 as part of the **BSO (British Schools Overseas)** threeyear inspection cycle. The findings of this ISI inspection were rated “Excellent” in all eight categories. It should be noted that, although the school was due for a new inspection in 2019, this was deferred due to the dislocation caused not only by the opening of the new Upper School building in September 2020 but also the ongoing COVID pandemic. Indeed, the disruption of inspection cycles due to the pandemic was a world-wide phenomenon. It should be noted that the DfE in the UK nevertheless confirmed St Catherine’s British School BSO status until the most recent ISI inspection which took place in March 2023. Although under a different 

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framework, the school was judged as fully compliant and met all the standards for British Schools Overseas whilst both the quality of the pupils’ learning and achievement and the quality of the pupils’ personal development received the highest rating – Excellent. 

The school is also a member of **HMC (Headteachers’ and Headmistresses’ Conference)** , **AGBIS (Association of Governing Bodies of Independent Schools)** , **ISBA (Independent Schools' Bursars Association) and AoBSO (** Association of British Schools Overseas). The school now has six leading UK regulatory bodies to advise and assist with its operation. The school has continued its partnership with the British Council who deliver English Language courses to over 260 local Greek children within the school premises and they have particularly relished live learning in the new Upper School building. 

We continue to invest a great deal of resource into high quality staff CPD (Continuing Professional Development). Some of the CPD highlights included: Whole School Behaviour Management training with Jenny Mosley; EYFS Consultancy Inspection visit; BSO Inspection Training for the SLT; the IBO Global Conference; two members of the PE Department undertaking Master’s Degree programmes; the NPQLT (National Professional Qualification for Leading Teaching) for two members of staff (ongoing); Teaching Sex Education and Puberty to Primary School; Consent and Touch: Young learners – Course for Reception teachers; Forest School Training programme (ongoing); a variety of IB subject courses for Upper School staff (ongoing); Cambridge International Guidance Counsellor Conference; Fire Safety and First Aid Training; Design & Technology Health & Safety Accreditation Training; Evolve Education Visits Co-ordinator Training; HMC Annual Conference and many more. Finally, the school continues as a Microsoft “Incubator” School – we remain on course towards the final stage of achieving Microsoft Showcase School status. 

## **Charitable Activities** 

## 1) Bursaries to pupils 

2) The School supported and contributed to the following overseas and local charities: 

- Archelon 

- Axion 

- Desmos 

- Edu4all 

- Power Of A Flower 

- Smile Of The Child 

- Alzheimer Athens 

- Mazi Gia To Paidi 

- Protipi Stegi Anilikon Neas Ionias 

- Protipi Stegi Koritsion Perissos 

- Koinoniko Pantopoleio Dimou Lykovrysis 

- Liberty Guide Dogs 

- Association Of The Blind 

- Sillogos Orama Elpidas 

- Koinoniko Pantopoleio Dimou Lykovrysis 

- Schedia Homeless Charity 

- NGO Ghost Divers 

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## **Directors** 

The Directors of the School, who are also the charity trustees and members of the Board of Governors, who served since 1st September 2022 through to the date of this report, were: 

|**Name**|**Chairman, Vice Chair &**<br>**Honorary Treasurer**<br>**Appointments**|**First**<br>**Appointment**|**Changes**|
|---|---|---|---|
|Taki, Stavros|Chairman 25/08/09|Appointed<br>05/06/08|Retired 30/09/09 on Board<br>Dissolution, Re-Appointed<br>01/10/09, 2ndTerm<br>Re-Appointed 01/10/15<br>Re-Appointed 01/10/21<br>Retired 03/11/22|
|Sabatakakis, Kyriacos|Appointed Honorary<br>Treasurer on 31/05/14|Appointed<br>20/11/12|Re-Appointed 20/11/18<br>Retired 27/09/22|
|Nicola, Loukia||Appointed<br>01/10/09|Re-Appointed 01/10/13<br>Re-appointed 01/10/17<br>Re-Appointed 01/10/21<br>Retired 20/09/22|
|Outwin-Flinders, Roger||Appointed<br>01/09/16|Re-Appointed 01/09/20<br>Retired 20/09/22|
|Peel, Roger Victor||Appointed<br>04/10/11|Re-Appointed 04/10/15<br>Re-Appointed 04/10/19<br>Re-Appointed 04/10/20<br>Re-Appointed 01/10/21<br>Retired 20/09/22|
|Tinios, Platon||Appointed<br>24/04/12|Re-Appointed 24/04/16<br>Re-Appointed 24/04/20<br>Retired 27/09/22|
|Paleokrassas, George<br>Andreas||Appointed<br>01/04/13|Re-Appointed 01/04/17<br>Re-Appointed 01/04/21<br>Retired 20/09/22|
|Braimi, Athanasia||Appointed<br>25/01/19|Retired 11/11/22|
|Hohenstein (Hodgson),<br>Adele||Appointed<br>01/10/21|Retired 27/09/22|
|Watt, Iain Cameron||Appointed<br>16/03/22|Retired 20/09/22|
|Kantartzis Draper, Katerina||Appointed<br>19/08/22||
|Manolis, Despoina||Appointed<br>21/09/22|Retired 3/10/22|
|Drymiotis, George<br>Chair|Chairman 14/11/22|Appointed<br>10/10/22||
|Gavrielides, Andreas||Appointed<br>20/10/22||
|Pistofidou, Christina||Appointed<br>20/10/22|Retired 12/06/2023|
|Yakovee, Daniel||Appointed<br>20/10/22||
|Andreadis, Eleni||Appointed<br>14/06/23||
|Jonathan Belbin||Appointed<br>14/06/23||



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|**Name**|**Chairman, Vice Chair &**<br>**Honorary Treasurer**<br>**Appointments**|**First**<br>**Appointment**|**Changes**|
|---|---|---|---|
|Cobuz, Marcel||Appointed<br>14/06/23||
|Ehret, Michael||Appointed<br>14/06/23||
|Kynourgiopoulou, Vasiliki||Appointed<br>14/06/23||
|Lambert, Michael||Appointed<br>14/06/23||
|Papapolitis, Nicholas||Appointed<br>14/06/23||
|Phoca-Cosmetatou, Nellie||Appointed<br>14/06/23||
|Prince-Wright, Howard|Honorary Treasurer|Appointed<br>14/06/23||
|Spyropoulos,Nikolaos||Appointed<br>14/06/23||
|Stylianou, Elena||Appointed<br>14/06/23||



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**Key Personnel & Advisors** 

|**Headteacher:**|James Stuart Smith, BA (Hons) Oxon (appointed Head 01/09/13)|James Stuart Smith, BA (Hons) Oxon (appointed Head 01/09/13)|
|---|---|---|
|**Company Secretary**:|Company Secretary: Mrs Deborah Eleftheriou (appointed 20/11/12)||
|**Business Director:**|Mr Konstandinos S. Theodosiou (appointed 11/04/11)||
|**Senior Accountant:**|Mr Anastasios Koutsoukos (appointed 27/06/11)||
|**School's address:**|Leoforos Venizelou 77||
||Lycovrissi GR141 23||
||Athens||
||Greece||
|**Website:**|www.stcatherines.gr||
|**Registered Office:**|66 Lincoln’s Inn Fields||
||LONDON WC2A 3LH||
||ENGLAND||
|**Bankers:**|**Alpha Bank**|**Pancreta Bank**|
||Ethniki Odos 17thkm Athinon Lamias|Mesogeion 109–111 Avenue,|
||Kifissia GR145 64|Athens GR115 26|
||Greece|Greece|
||**National Bank of Greece**|**Eurobank**|
||Potamou 25 & Galinis Avenue,|P. Maximou 2 & Deligianni,|
||N. Kifissia GR145 64|Kefalari GR145 62|
||Greece|Greece|
|**Solicitors (U.K.):**|Farrer & Co LLP||
||66 Lincoln’s Inn Fields||
||LONDON WC2A 3LH||
||ENGLAND||
|**Solicitors (Greece):**|C. & S. Dimitriou & Associates||
||28 Didotou Street||
||ATHENS 106 80||
||GREECE||
|**Auditors:**|Hillier Hopkins LLP||
||Chartered Accountants and Statutory|Auditors|
||Radius House||
||51 Clarendon Road||
||Watford, Herts WD17 1HP||
||And||
||tgs (Hellas) Certified Auditors Accountants SA||
||60 Kifissias Av.||
||151 24, Maroussi, Greece||



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**Governance** 

The Directors ratify specific school policies; some, such as Safeguarding and Health & Safety are reviewed and approved on an annual basis, others are reviewed periodically.  The day-to-day management of the school is delegated to the Headteacher. 

In the previous year the school operated three standing committees: 

- Finance/Resources Committee 

- Curriculum/Standards Committee 

- Health and Safety Committee 

All the above committees are chaired by a Director and include other Directors and staff as appropriate. The minutes of the meetings are distributed to the Board for ratification.  Each committee has Terms of Reference, and their role is to monitor, review and evaluate all appropriate matters and bring recommendations to the Board. The school also has a Bursary Committee that is chaired by the Chairman of the Board which meets to discuss and decide on the granting of means-tested bursaries. 

In the summer of 2022 seven Directors resigned thereby leaving only three Directors on the Board. This required a Special Written Resolution modifying the Articles of Association so that a smaller Interim Board of five Directors could enable the school to function prior to the process of establishing a new Full Board of Directors. This situation necessitated a Serious Incident Report, and the Charity Commission was duly informed. The Interim Board operated throughout the academic year 2022 – 2023 until the summer term. On the 14/6/2023 the school reconstituted a new Full Board of Directors with a full complement of 15 Directors. The Charity Commission was kept informed throughout the process. 

## **Directors’ Induction and Training** 

Governors follow an induction programme with the Headteacher, Executive Leadership Team, Company Secretary, and the Chairman's Committee. Upon appointment, a Director receives a detailed file with the School’s constitution, its corporate documentation, and its by-laws. 

The Board of Governors in consultation with its advisors are constantly looking for ways to broaden the skills and experience of the School’s Governing Body. Following the Board of Governors full day’s INSET session with Stuart Westley from AGBIS and the advent of the Key Stage/Curriculum-linking initiative during the academic year 2015-2016, the ISI inspection team in November 2016 rated the “quality of governance as excellent” – the top possible grade. In their report, the inspectors commented: “Governor training has a high priority. Each February there is a joint governor and Senior Leadership workshop which has increased governors’ insight into the working of the School. Furthermore, governors are invited to attend staff training sessions as appropriate”. 

The governors receive no remuneration or financial assistance.  governors’ expenses as they relate in their capacity to carry out their duties and responsibilities may be recovered from the School.  The amount of Directors’ expenses in the financial year ended 31[st] August 2023 amounted to €5,382 compared to €333  in the financial year ended 31st August 2022, being reimbursement of airfares, taxi fares and hotel costs to enable those Directors, who are based in the UK, to attend meetings. The Directors are indemnified by the School in accordance with its Memorandum and Articles of Association. 

## **Principal Risks and Uncertainties** 

The principal financial risks of the School relate to a potential reduction in student numbers, to high inflation and a significant worsening of the economic conditions in Greece which may affect enrolment. 

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The future financial obligations and covenants associated with loan funding obtained from our bankers for the building of Phase 1 of the new school gave rise to additional risk factors and possible constraints for the School Business plan that was approved by the Board on 5[th] June 2018. A reduction in revenues, increase in overheads or reduction in the values of the School’s fixed properties may result in the School’s failure to meet its obligations which may result in a default under the terms and conditions of such loan agreements.  Increases in interest rates may also adversely affect the School’s ability to meet its obligations.  These defaults may result in the bankruptcy or insolvency of the School.  In addition, the loan covenants may restrict the School’s business and financing activities. The School therefore carefully evaluates its funding and endeavours to ensure that its business plans are prudent and ensure adequate liquidity to cover for potential uncertainties. 

The principal risks to which the School is exposed, as identified by the Directors, are reviewed systematically from time to time in order to mitigate those risks. 

**The Energy Crisis:** The ongoing energy crisis sweeping the globe, due to the war in Ukraine and Gaza, has adversely impacted on the school. This has resulted in significant increases to electricity and gas bills since 2022. These high charges have continued into 2023. These increasing energy costs have also impacted on the cost of goods and services. Inflation in Greece for 2023 ran at approximately 3% overall. The school, as always, continues to investigate measures to mitigate these increased costs. 

## **Strategic Report** 

- **Review** 

**Over the last decade the School has implemented a plan to maintain occupancy at between 1,050 and 1,200 until its development plan for the Macsolar property was completed.  Recent occupancy data is summarised as follows:** 

|Academic Year<br>2008/2009<br>2009/2010<br>2010/2011<br>2011/2012<br>2012/2013<br>2013/2014<br>2014/2015<br>2015/2016<br>2016/2017<br>2017/2018<br>2018/2019<br>2019/2020<br>2020/2021<br>2021/2022<br>2022/2023<br>2023/2024 (estimated)|approx. no. of pupils<br>890<br>938<br>1,030<br>1,100<br>1,067<br>1,071<br>1,116<br>1,155<br>1,144<br>1,176<br>1,205<br>1,228<br>1,276<br>1,326<br>1,349<br>1,350|
|---|---|



The School's bursary scheme in 2022/23 supported 105 pupils (prior year 111) in various percentages of which 79 (prior year 77) were staff children (also in various percentages). 

## • **Financial Results** 

The financial performance for the year 2022/23, excluding donations received, was above the budget approved by the Board. 

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Total Incoming Resources for the year 2022/23 were €17,796,656 compared to €16,020,693 for 2021/22 representing an increase of €1,775,963 or 11.09% compared to the year 2021/22.  Pupil numbers increased by 1.73% in 2022/23 compared to 2021/22. 

Total Resources Used for the year 2022/23 amounted to €17,387,199 compared to €15,464,069 for 2021/22 representing an increase of €1,923,130 or 12.44% compared to the year 2021/22. 

Net Incoming Resources for the year 2022/23 amounted to €409,457 compared to €556,624 for 2021/22 representing a decrease of €147,167 or -26.44%. 

Net Movement in Funds amounted to €325,394 for the year 2022/23. This was due to the actuarial gain on staff retirement of €84,063. The balance carried forward increased to €28,350,700. 

## • **Reserves** 

The School’s restricted reserves relate to funds held for specific purposes. At 31[st] August 2023 there are €531,683 held under the Land Revaluation Reserve and €146,742 held under the School Reserve totalling €678,425. 

The School’s unrestricted funds are re-invested back into the School through additions and improvements to its facilities and expenditure in relation to new technology as well as new furniture and fittings.  At 31[st] August 2023 there were €27,672,275 in unrestricted reserves. 

The directors consider that the ideal level of reserves would be between 1 to 2 years’ expenditure.  The directors believe that the current unrestricted reserves represent a sufficient level to ensure that the going concern assumption is appropriate. 

The reserves Policy is reviewed on an annual basis. 

## • 

## **Resources** 

The School's assets are sufficient to meet its obligations. 

The results are set out in the attached Statement of Financial Activities, Balance Sheet and Statement of Cash Flows. 

The School’s Business Director produces management reports together with his team that measure the actual performance of the School compared to the budget as well as interim financial statements. The Financial Statements and management reports are reviewed by the Board and the Headteacher. 

After making due enquiries, the Board of Directors confirm its expectation that the School has adequate resources to continue in operational existence for the foreseeable future.  Therefore, in preparing the financial statements the Board continues to adopt the going concern basis. 

## • **Development Plans** 

In August 2017 the School acquired the Wella property - adjacent to the Macsolar property. This property will form part of Phase 2 of the redevelopment, and it has been decided that it will be reconfigured to create a multi-sports complex for use by all the students of the school. In July 2019, the School signed an agreement with Vratsanos & Koula Architects, Structural Engineers and MEP Engineers to produce designs and plans for the re-design of Wella. Following numerous revisions to the plans to accommodate Building Authority requirements, the building permit was finally granted on the 14[th] January 2023. The architects and engineers are in the process of finalising the detailed designs. Once completed, and the funding is in place, the school will initiate the tendering process. 

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Building improvements were made to the Lykovrisi site (Lower School) to facilitate the use of the buildings freed up by the move of the Upper School to the new campus. 

In July 2022, following a year of delay due to Covid, the Building Authority approved the demolition of the A/B Block and CDE Block (both previously accommodating the upper school). Due to the delay in approval the school was only able to complete the demolition of the A/B Block in August 2022. In August 2023 the school completed the demolition of the C/D/E Block as well. Prior to the demolition, the school had working together with the teachers, students, and parent body to determine how best to utilise the new space made available following both demolitions. It was also decided to create a green play area next to the swimming pool. These areas are expected to be available for use during 2023/24. 

During 2022/23 the school obtained permission from the Municipalities involved to build a bridge crossing the main avenue between the Upper School and the Lower School. The bridge will provide a safe route linking the Upper and Lower School sites. The bridge will be donated to the Municipalities involved. It is hoped that the bridge will be in place during the upcoming school year 2023/24. 

Works/improvements done during 2022/23 included: Renovation works of the Lower school laboratory amounting to €7,688. Maintenance of the boiler system of pool amounting to €12,919. Creation of upper school football pitch amounting to €64,602. Refurbishment of building Kontogianni amounting to €59,644. Refurbishment of Lower School laboratory amounting to €15,932. Sound absorbing acoustic panels for classroom amounting to €7,428. 

Furniture & Equipment, Hardware and Software additions amounted to €296,455. 

Key Information Technology upgrades and fittings included the following: 

- Additional Viewboards (touchscreens) 75” interactive displays purchased for Lower School. 

- Continued technology upgrades in classrooms and science labs equipment. 

- Continued replacement of old desktops and laptops. 

- Swimming pool cover to maintain water temperatures at required levels. 

- Replacement of old pool machinery with newer technologies. 

## **Disclosure of Information to the auditors** 

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information, being information needed by auditor in connection with preparing its report, of which the auditor is unaware. Having made enquiries of fellow directors and the group’s auditor, each director has taken all the steps that he/she is obliged to take as a director in order to make himself/herself aware of any relevant audit information and to establish that the auditor is aware of that information. 

## **Re-Appointment of auditors** 

In accordance with s485 of the Companies Act 2006, a resolution is to be proposed at the Board Meeting for reappointment of Hillier Hopkins LLP as statutory auditors. 

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roval of the Directors, Re
ort and Financial Statements
A resolution approving this Directors. Report and the School's Financial Statements for the year ended 31,
August 2023 will be put forward ai the Board meeting to be held on iph Aprll 2024. In signing this report the
DireLtors confirm that they have approved the Strategic Report in their capacity as Company Directors of St.
Catherine's British School.
Approved by the Board of Directors at its meeting on 17th April 2024 and signed on its behalf by:
George Drimiot15
Chairman
How
d Prince-wrig
Honorary Treasurer
Poge 11

## **ST. CATHERINE’S BRITISH SCHOOL** 

## **Statement of Directors’ Responsibilities** 

The Governors (who are also the Directors of the Company for the purposes of company law) are responsible for preparing the Directors’ Report (including the Strategic Report) and the accounts in accordance with applicable law and regulations. 

Company law requires the Directors to prepare accounts for each financial year.  Under that law the Directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland’.  Under company law the Directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the School and of the profit or loss of the School for that period.  In preparing those accounts the Directors are required to: 

- Select suitable accounting policies and then apply them consistently. 

- Observe the methods and principles of the Charities SORP (FRS 102). 

- Make judgements and estimates that are reasonable and prudent. 

- State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts and 

- Prepare the accounts on the going concern basis unless it is inappropriate to assume that the School will continue in business. 

The Directors are responsible for keeping proper accounting records that are sufficient to show and explain the School’s transactions and disclose with reasonable accuracy at any time the financial position of the School and enable them to ensure that the accounts comply with the Companies Act 2006.  They are also responsible for safeguarding the assets of the School and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities. 

The Governors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 

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## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ST. CATHERINE’S BRITISH SCHOOL** 

## **Opinion** 

We have audited the financial statements of St. Catherine’s British School (the 'Company') for the year ended 31 August 2023, which comprise the Statement of Financial Activities, the Balance sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice) and the Charities SORP 2019. 

In our opinion the financial statements: 

- give a true and fair view of the state of the Company's affairs as at 31 August 2023 and of its profit for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities SORP 2019. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The Directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with 

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the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## **Opinion on other matters prescribed by the Companies Act 2006** 

In our opinion, based on the work undertaken in the course of the audit: 

- the information given in the Directors’ Report, including the Strategic Report, for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the Directors’ Report and Strategic Report have been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ report, including the Strategic Report. 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: 

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of directors’ remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

## **Responsibilities of directors** 

As explained more fully in the Directors’ responsibilities statement on page 12, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. 

## **Auditors' responsibilities for the audit of the financial statements** 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in 

_Page 14_ 



the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

- the control environment and performance of the Company, including the remuneration incentives and pressures of key management; 

- the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the Company and management. We consider the results about their own identification and assessment of the risks of irregularities; 

- any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to: 

   - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; 

   - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; 

   - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; 

- the matters discussed among the audit engagement team, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. 

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. 

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, the Charities SORP 2019 and relevant tax legislation. 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report. 

## **Use of our report** 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no 

_Page 15_ 



other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. 


……………………………….…………………………………….… Gary Wong BFP FCA (Senior statutory auditor) 

for and on behalf of HILLIER HOPKINS LLP 

Chartered Accountants & Statutory Auditor 

Radius House 51 Clarendon Road Watford Hertfordshire WD17 1HP 

Date:  18 April 2024 

_Page 16_ 



## **ST. CATHERINE’S BRITISH SCHOOL STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31[st] AUGUST 2023** 

**(** All amounts in tables and notes are presented in € unless otherwise stated) 

|||**31-Aug-23**|**31-Aug-22**|
|---|---|---|---|
||**Notes**|||
|**Incoming Resources**||||
|Income from charitable activitites:||||
|Fees Receivable||16,075,351|14,585,475|
|Other Income|2|1,721,303|1,435,213|
|Bank Interest||2|5|
|**Total Incoming Resources**||17,796,656|16,020,693|
|**Resources Used**||||
|Direct Charitable Expenditure:||||
|Staff Costs|3|11,361,545|10,256,959|
|Educational Consumables||610,745|427,072|
|Maintenance & Utilities||1,242,539|1,217,794|
|Real Estate, VAT and other Sundry Duties|4|386,352|370,230|
|Governance Costs||39,632|16,083|
|General Administration Expenses||1,786,850|1,302,795|
|||15,427,663|13,590,933|
|Other Expenditure:||||
|Interest||724,867|522,515|
|Foreign Exchange losses||6,778|2,154|
|Depreciation|6|1,228,611|1,423,775|
|Bad Debts||(18,351)|(83,224)|
|Normal Taxation||17,631|7,916|
|||1,959,536|1,873,136|
|**Total Resources Used**||17,387,199|15,464,069|
|**Net Incoming Resources**|5|||
|Before Other Recognised Gains & Losses||409,457|556,624|
|- unrestricted Funds||||
|Actuarial (loss)/gain on Staff Retirement|10|(84,063)|99,367|
|Indemnities - unrestricted funds||||
|Net Movement In Funds||325,394|655,991|
|Balance Brought Forward at 1stSeptember||28,025,306|27,369,315|
|**Balance Carried Forward at 31st August**||28,350,700|28,025,306|
|**All income and expenditure derives from continuing activities**||||



_Page 17_ 



ST. CATHERINE'S BRITISH SCHOOL
BALANCE SHEET AS AT 31" AUGUST 2023
IAII amounts in tables and notes are presented in É unless Otherwise Stated)
31-Auk23
31-AuK-22
Flxed Assets
Tangible Fixed Assets
School's Land, Buildings and Equipment
36,964,329
38XJ09.069
Current Assets
Debtors
627,082
10,749,320
11376,402
541,971
10,922.971
11,464,942
Cash and Banks
Current Llab115t5es
Creditors Due Within l Year
17.919.516)
11,scx).c(x)I
19.419.5161
18,1)40,2621
11.500.0￿)
19,540.2621
Short Term portion of Long ierm loan
Net Curreni Atsets
1,956.886
1,924,680
Total Assets Less Current Llabllities
38,921.215
39.933.749
LongTemi ilabllltles
Bank Loans
19,5(Kl,(KOI
11.063.2651
17.2501
110,570.5151
(li,0￿,(￿￿)
1901,1931
17.2501
111.908.4431
Retirement Benefits
io
Other Long Tefm Liabilities
Total Net Assets
28.350.7th)
28.025.306
Restricted Funds
li
678,425
678.425
Unrestrkted Funds
li
27.672.275
27,346,881
Total Funds
28.350.7C(I
28,025,306
The Financial Statements of St. Catherine's British School Icompany number 008602881 were
approved at the Board of Directors meeting held on 17th April 2024 and Signed on its behalf
by..
George Drim￿tiS
Chairman
Howard
rince-
Honorary Treasurer
Poge 18

## **ST. CATHERINE’S BRITISH SCHOOL STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31[st] AUGUST 2023** 

**(** All amounts in tables and notes are presented in € unless otherwise stated) 


**----- Start of picture text -----**<br>
31-Aug-23 31-Aug-22<br>Net Cash Inflow From Operating Activities 2,680,489 1,118,293<br>Taxation (17,631) (7,916)<br>Cashflow from Investing Activities (611,642) (530,643)<br>Capital Expenditure And Financial Investment (611,644) (530,648)<br>Interest Received 2 5<br>Cashflow from Financing Activities (2,224,867) (2,022,515)<br>Repayment of loan (1,500,000) (1,500,000)<br>Interest Paid (724,867) (522,515)<br>(Decrease) In Cash (173,651) (1,442,781)<br>Cash and cash equivalents at the beginning of the year 10,922,971 12,365,752<br>Cash and cash equivalents at the end of the period 10,749,320 10,922,971<br>Reconciliation of net incoming resources to net cash inflow from<br>operating activities<br>Net incoming resources 409,457 556,624<br>Interest 724,865 522,510<br>Taxation paid 17,631 7,916<br>Depreciation 1,228,611 1,423,775<br>Bad debt provision (18,351) (83,224)<br>Loss on disposal of assets 427,773 125,831<br>Increase/(Decrease) in provision for retirement indemnities 78,009 37,459<br>Increase in debtors (66,760) 131,796<br>Increase in creditors - excluding loan (120,746) (1,604,394)<br>Net Cash Inflow From Operating Activities 2,680,489 1,118,293<br>**----- End of picture text -----**<br>


_Page 19_ 



**ST. CATHERINE’S BRITISH SCHOOL Notes to the Accounts as at 31st August 2023** (All amounts in tables and notes are presented in € unless otherwise stated) 

## **1. ACCOUNTING POLICIES** 

a) Statement of compliance and Basis of Preparation 

The financial statements have been prepared on a going concern basis, and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. 

The financial statements are presented in Euros which is the functional currency of the School. 

## b) Tangible Fixed Assets 

Land is stated at deemed historical cost (previously revalued cost) following change to FRS 102, while the remainder of the tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided on all tangible fixed assets in use, other than freehold land that is not depreciated, at rates and bases calculated to write-off the cost of the assets over their expected useful lives by the straight-line method.  The depreciation rates are 4% to 5% for buildings and general improvements, 10% for furniture and equipment items, and 20% for computers and software. Leasehold improvements are depreciated over the lease term. 

## c) Fees 

Income is recognised when the School has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably. 

The School’s revenue comprises non-refundable application fees and main school and nursery fees, net of bursaries and other discounts. Fee income is recognised over the period to which it relates.  Registration fees and development funds are treated as income in the year they are received. 

## d) Expenditure 

Expenditure is generally inclusive of irrecoverable V.A.T. and is reflected in the accompanying accounts by nature. However, with effect from 1[st] January 2014, all VAT is separately disclosed in Real Estate, VAT and Other Sundry Duties. Purchases made in Europe, which give rise to a Greek VAT obligation, are also reflected separately in Real Estate, VAT and Other Sundry Duties under direct charitable expenditure. 

## e) Pension scheme 

The School operates a defined benefit scheme in Greece which provides a savings/pension scheme for employees that choose to participate. The School matches up to 5% of the contributions to the scheme. The School continued to operate a defined contribution scheme in the UK, which provides life and retirement benefits to certain of its employees. The scheme is managed by a life assurance company and its assets are held separately for each individual member. All staff are also members of the Greek state social security and Pension arrangements. 

_Page 20_ 



**ST. CATHERINE’S BRITISH SCHOOL Notes to the Accounts as at 31st August 2023** (All amounts in tables and notes are presented in € unless otherwise stated) 

## f) Reserve for Staff Retirement Indemnities 

The School’s staff retirement obligations under the Greek State Social Security and pension arrangements are calculated in accordance with the provisions of FRS 102, at the discounted value of the future retirement benefits accrued. Retirement obligations are calculated on the basis of financial and actuarial assumptions and are determined using the projected unit credit actuarial valuation method (Project Unit Credit Method). The pension expense for the period is included in staff costs and consists of the present value of benefits earned in the year, interest cost on the benefit obligation and any past service cost. Actuarial gains and losses are recognised in full in other recognised income and expense in the period in which they occur. 

## g) Foreign currencies 

The accounts are expressed in Euros. The exchange rate at 31[st] August 2023 was £1 / €1.166 (31[st] August 2022: £1 / €1.168). Assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date.  Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction.  Differences on translations are reflected in the statement of financial activities. 

## h) Taxation 

The School is a not-for-profit organisation and is therefore exempt from income tax (except for activities not related to education).  Irrespective of the School’s exempt income tax status, it is subject to Real Estate Property Tax. 

## i) Leases 

Rentals payable under operating leases are charged in the statement of financial activities on a straight-line basis over the lease term. 

## j) Funds 

The School’s restricted funds are held for specific purposes.  They consist of €531,683 held under the Land Revaluation Reserve and €146,742 held under the School Reserves. The School’s unrestricted funds are re-invested back into the School through additions and improvements to its facilities and expenditure in relation to new technology as well as new furniture and fittings. 

## k) Cash and cash equivalents 

Cash and cash equivalents include cash at bank and in hand including any short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 

## l)  Resources expended 

Direct Charitable Expenditure represents the full cost of teaching, welfare, premises, and support costs associated with running the School.  Governance costs represent the necessity of compliance with statutory and constitutional requirements. 

_Page 21_ 



**ST. CATHERINE’S BRITISH SCHOOL Notes to the Accounts as at 31st August 2023** (All amounts in tables and notes are presented in € unless otherwise stated) 

## **2. OTHER INCOME** 

Other income amounts to €1,721,303 for 2022/23 (€1,435,211 in 2021/22). The increase is mainly due to PE Clubs revenue amounting to €348,073 in 2022/23 (€286,711 for 2021/22), to Extra Curricular Clubs amounting to €130,755 in 2022/23 (€2,468 for 2021/22), to Bus Revenues amounting to €289,969 in 2022/23 (€250,274 for 2021/22), as well as Other Educational Fees amounting to €222,494 for 2022/23 (€171,008 for 2021/22). 

## **3. STAFF COSTS** 

||**2022-2023**|**2021-2022**|
|---|---|---|
||**€**|**€**|
|Wages & salaries|8,511,774|7,769,526|
|Social security costs|1,885,441|1,740,442|
|Pension contributions|288,608|241,602|
|Other costs|675,722|505,389|
||11,361,545|10,256,959|



The Board Directors received no remuneration or reimbursement of expenses during the year except for amounts directly related to attending the governors’ meetings such as taxis, airfares, meals and hotel costs included in Governance costs in the accompanying statement of financial activities amounting to 2022/23: €5,382 (2021/22: €333). 

The average monthly number of employees (both full-time and part-time) during the year is shown below. 

|Full-time teaching staff<br>Part-time teaching staff<br>Teaching Assistants<br>Administration staff<br>Site Maintenance & Cleaning<br>Management<br>PE Coaches<br>Supply Teachers & Assistants|**2022-2023**<br>97<br>16<br>47<br>42<br>29<br>15<br>14<br>6<br>266|**2021-2022**|
|---|---|---|
|||93<br>13<br>44<br>38<br>31<br>12<br>25<br>17|
|||273|



Full time equivalent numbers were 238.55 for 2022/23 (223.45 for 2021/22). 

Employee numbers have decreased by seven year-on-year mainly due to reduction in the number of active coaches and supply staff. If these two are excluded, the headcount shows an increase in all major areas in order to facilitate the increase to five forms in Year 8. The increase in teaching and teaching assistant staff to accommodate an additional form in Year 8 (from 4 to 5 forms). Year 6 and Year 7 had gone to 5 forms in 2021/22. There were also increases in Administration and Management to accommodate the increased needs for all sites. 

_Page 22_ 



**ST. CATHERINE’S BRITISH SCHOOL Notes to the Accounts as at 31st August 2023** 

(All amounts in tables and notes are presented in € unless otherwise stated) 

The key management personnel of the School comprise the Board of Directors, the Headteacher, the Deputy Head/Head of Upper School, the Head of Lower School, the Business Director and the Operations Director (joined the school in August 2023).  The total employee benefits of key management personnel of the School were €509,819 for 2022/23 (€442,230 for 2021/22). 

## **4. REAL ESTATE PROPERTY TAX, VAT & OTHER SUNDRY DUTIES** 

In the current fiscal year, the School paid various sundry duties and taxes amounting to €386,352 (€370,230 for 2021/22).  This comprised mainly VAT payable on local goods and services to the Greek tax authorities and amounted to €350,451 (€308,158 in 2021-22). VAT payable on purchases made within the European Union amounted to €13,004 (€5,802 in 2021-22). 

## **5. NET INCOMING RESOURCES - Before Other Recognised Gains & Losses** 

Included in Net Incoming Resources are the following disclosable items: 

- (a) Audit remuneration for 2022/23 amounted to €15,750 (2021/22 - €15,750). It should be noted that the current year also included additional charges by another auditing firm for agreed upon procedures amounting to €18,500. 

- (b) Operating leases - Land & Buildings for 2022/23 amounted to €207,517 (€173,464 for 2021/22) 

- (c) Operating Leases - Cars for 2022/23 amounted to €1,458 (2021/22 - €1,523) 

## **6. TANGIBLE FIXED ASSETS** 

|||**Freehold &**<br>**Leased Land**<br>**& Buildings**<br>**Furniture &**<br>**Equipment**<br>**Improvements**<br>**Total**|
|---|---|---|
||||
||Cost or Deemed Cost:||
||At 1st September 2022|43,730,893<br>4,575,987<br>1,031,820<br>49,338,700|
||Additions|315,187<br>296,457<br>0<br>611,644|
||Devaluations/Disposals|(1,247,937)<br>(140,389)<br>0<br>(1,388,326)|
||At 31 August 2023|42,798,143<br>4,732,055<br>1,031,820<br>48,562,018|
||Depreciation:||
||At 1st September 2022|6,843,487<br>3,465,806<br>1,020,338<br>11,329,631|
||Charge for the year|952,697<br>274,255<br>1,659<br>1,228,611|
||Disposals|(820,213)<br>(140,340)<br>0<br>(960,553)|
||At 31 August 2023|6,975,971<br>3,599,721<br>1,021,997<br>11,597,689|
||Net book value:||
||At 31 August 2023|35,822,172<br>1,132,334<br>9,823<br>36,964,329|
||At 31st August 2022|36,887,406<br>1,110,181<br>11,482<br>38,009,069|



_Page 23_ 



**ST. CATHERINE’S BRITISH SCHOOL Notes to the Accounts as at 31st August 2023** (All amounts in tables and notes are presented in € unless otherwise stated) 

In applying the accounting policies required by FRS 102 and the Charities SORP FRS 102, the school has elected that the revalued value of the land be deemed cost as from the Balance Sheet date. Accordingly, the Revaluation reserve of has been frozen at €531,683. 

In August 2017 the School acquired the Wella property adjacent to the Macsolar site as part of its strategic campus development. The intention is to utilise the existing building footprint to build a new Sports Complex with a swimming pool, Basketball, Dance, Gym and PE classroom teaching facilities. As mentioned in the Directors Report above, a Building Permit was obtained on the 14[th] of January 2023. 

Notwithstanding the delays caused by the Ministry of Culture as a result of Archaeology findings, significant progress had been made with respect to the Macsolar Building Development in 2019 and 2020. On 10[th] of August 2020 the school accepted the preliminary handover of the new building from the construction company Redex. Admin staff were relocated during August 2020 to the new premises and the school opened its doors to the upper school students in September 2020. 

During 2022/23 building improvements for the Wella Complex amounted to €111,874. Building improvements on the Lykovrisi/Tositsa sites amounted €203,313. Furniture & Equipment, Hardware and Software additions amounted to €296,457. 

July 2023 saw the final demolition of the remaining derelict Upper School buildings at an original cost of €1,247,937 and an accumulated depreciation of €820,213. This resulted in a write off to the statement of financial activities amounting to €427,724. 

During the year the school also disposed of old IT equipment that was fully depreciated. 

## **7. DEBTORS** 

|Fees (Net of Bad Debt)<br>Guarantees<br>Other debtors (a)<br>Prepaid expenses (a)|**2022-2023**<br>**€**<br>316,465<br>46,111<br>101,307<br>163,199<br>627,082|**2021-2022**<br>**€**|
|---|---|---|
|||280,828<br>34,516<br>73,203<br>153,424|
|||541,971|



(a) The amount of other debtors and prepaid expenses includes advances to suppliers relating to construction activity of various projects, as well as purchases of books and educational material, which will be used in the following school year. 

_Page 24_ 



**ST. CATHERINE’S BRITISH SCHOOL Notes to the Accounts as at 31st August 2023** 

(All amounts in tables and notes are presented in € unless otherwise stated) 

## **8. CREDITORS: Due within one year** 

|Trade creditors<br>Reservation deposits (a)<br>Sundry creditors<br>Taxes & social security<br>Accruals|**2022-2023**<br>**€**<br>292,218<br>5,939,128<br>858,301<br>305,098<br>524,771<br>7,919,516|**2021-2022**<br>**€**|
|---|---|---|
|||333,147<br>5,921,577<br>916,436<br>359,341<br>509,761|
|||8,040,262|



- (a) During 2022/23 the School received €5,939,128 representing part of the annual fees in advance for the 2023/24 school year. 

## **9. BANK LOANS** 

Following approval by the Board of Governors by ordinary written resolution dated 18[th] December 2017, the School signed an EIB loan agreement with Alpha Bank SA amounting to €7.5m dated 22 December 2017 representing 50% of the funding required for the redevelopment of the new upper school on the Macsolar site. 

On 21[st] June 2018, the School signed an EIB loan agreement with National Bank of Greece (NBG) for a loan of €7.5m. This NBG loan together with the loan above amounts to loan funding of €15m. 

In September 2018, the School was notified by NBG that the loan of €7.5m could not exceed €5m due to the rules of the EIB. NBG did however inform the School that it would fund the required €2.5m through a normal construction loan. The required replacement loan agreements were approved by the Board and finally signed by the School on the 19[th] of December 2019. 

|Due within one year (short term portion)<br>Due after one year (long term portion)|**2022-2023**<br>**€**<br>1,500,000<br>9,500,000<br>11,000,000|**2021-2022**<br>**€**|
|---|---|---|
|||1,500,000<br>11,000,000|
|||12,500,000|



The loans are secured by a first preferred mortgage on the School’s immovable property. In addition, the insurance policies on the School’s immovable property have been assigned as collateral for this loan facility. 

_Page 25_ 



**ST. CATHERINE’S BRITISH SCHOOL Notes to the Accounts as at 31st August 2023** (All amounts in tables and notes are presented in € unless otherwise stated) 

## **10. PROVISION FOR RETIREMENT INDEMNITIES** 

Under Greek labour law, employees are entitled to termination payments in the event of dismissal or retirement, with the amount of payment varying in relation to the employee’s compensation, length of service and manner (dismissed or retired) of termination, which if due to retirement is 40% of the amount payable upon dismissal.  Employees who resign or are dismissed with cause are not entitled to termination payments. The number of employees who will eventually be dismissed or retire in subsequent years is not known. 

An actuarial valuation of the retirement indemnities liability was performed during the year by independent actuaries. The movement and components of the retirement indemnities liability for the year ended 31[st] August 2023 is as follows: 

|**Net liability recognised in the Balance Sheet**<br>Present value of defined benefit obligation<br>Net liability<br>**Actuarial assumptions**<br>Rate of salary increases<br>Discount rate<br>Average price inflation<br>**Net expense recognised in the Statement of Financial**<br>**Activities**<br>Service cost component<br>Past Service Cost due to amendments<br>Interest cost component<br>Termination benefits<br>Less: Benefits paid|**2022-2023**<br>**2021-2022**<br>**€**<br>**€**|
|---|---|
||1,063,265<br>901,193|
||1,063,265<br>901,193|
||**2022-2023**<br>**2021-2022**<br>**%**<br>**%**<br>6.00%<br>3.00%<br>3.80%<br>2.90%<br>2.10%<br>2.20%<br> <br>**2022-2023**<br>**2021-2022**<br>**€**<br>**€**<br>110,801<br>118,069<br>7,936<br>2,001<br>26,135<br>2,889<br>42,110<br>6,825<br>(108,973)<br>(92,326)<br>78,009<br>37,458|



_Page 26_ 



## **ST. CATHERINE’S BRITISH SCHOOL Notes to the Accounts as at 31st August 2023** 

(All amounts in tables and notes are presented in € unless otherwise stated) 

## **10. PROVISION FOR RETIREMENT INDEMNITIES (continued)** 

|**Other recognised gains and losses recognised in the**<br>**Statement of Financial Activities**<br>Actuarial (gains)/losses<br>**Change in the present value of the defined benefit obligation**<br>Present value of defined benefit obligation as at 1stSeptember<br>Service cost component<br>Past Service Cost due to amendments<br>Interest cost component<br>Termination benefits<br>Less: Benefits paid<br>Actuarial losses/(gains)<br>Present value of defined benefit obligation as at 31stAugust|**2022-2023**<br>**2021-2022**<br>**€**<br>**€**|
|---|---|
||84,063<br>(99,367)|
||84,063<br>(99,367)|
||**2022-2023**<br>**2021-2022**<br>**€**<br>**€**|
||901,193<br>963,101<br>110,801<br>118,069<br>7,936<br>2,001<br>26,135<br>2,889<br>42,110<br>6,825<br>(108,973)<br>(92,326)<br>84,063<br>(99,367)|
||1,063,265<br>901,193|



The cumulative actuarial losses taken to the statement of other recognised gains and losses as of 31[st] August 2023 were losses of €216,060 (2022:  €131,997 losses). 

_Page 27_ 



**ST. CATHERINE’S BRITISH SCHOOL Notes to the Accounts as at 31st August 2023** 

(All amounts in tables and notes are presented in € unless otherwise stated) 

## **11. RESTRICTED AND UNRESTRICTED FUNDS** 

## **Restricted Funds** 

|Land Revaluation Reserve<br>School Reserves|**2022-2023**<br>**€**<br>531,683<br>146,742<br>678,425|**2021-2022**<br>**€**<br>531,683<br>146,742<br>678,425|
|---|---|---|



The Land Valuation Reserve reflects the revaluation of the School’s freehold land. The revaluation reserve has been frozen due to the decision of the School to record the land at deemed cost following the adoption of FRS 102. 

## **Unrestricted Funds** 

The School’s funds are held to finance the freehold property and to cover normal fluctuations in working capital. As at 31[st] August 2023 unrestricted reserves amounted to €27,672,275 (2022: €27,346,881). 

## **12. RELATED PARTY TRANSACTIONS** 

There were no related party transactions in the year. 

## **13. CONTRACTS AND COMMITMENTS** 

At 31[st] August 2023 the School had commitments under non-cancellable operating leases as set out below: 

|elow:|||
|---|---|---|
|Operating leases:<br>Less than one year<br>In 2 to 5 years<br>Greater than 5 years|**2022-2023**<br>**€**<br>200,157<br>631,567<br>98,794<br>930,518|**2021-2022**<br>**€**|
|||120,865<br>368,199<br>202,830|
|||691,894|



Additionally, at 31[st] August 2023 the School had commitments related to the redevelopment of the Wella site as set out below: 

|Less than one year<br>In 2 to 5 years|**2022-2023**<br>144,620<br>93,358<br>237,978|**2021-2022**|
|---|---|---|
|||110,940|
|||110,940|



_Page 28_ 



**ST. CATHERINE’S BRITISH SCHOOL Notes to the Accounts as at 31st August 2023** 

(All amounts in tables and notes are presented in € unless otherwise stated) 

## **14. ANALYSIS OF CHANGES IN NET DEBT** 

|**Cash and cash equivalents**<br>Cash<br>**Borrowings**<br>Debt due within one year<br>Debt due after one year|**At 1 Sep**<br>**2022**<br>**Cash**<br>**flows**<br>**Other**<br>**noncash**<br>**changes**<br>**At 31 Aug**<br>**2023**<br>10,922,971<br>(173,651)<br>0<br>10,749,320|
|---|---|
||10,922,971<br>(173,651)<br>0<br>10,749,320<br>(1,500,000)<br>1,500,000<br>(1,500,000)<br> (1,500,000)<br>(11,500,000)<br>0<br>1,500,000<br>(9,500,000)|
||(12,500,000)<br>1,500,000<br>0<br>(11,000,000)|
||**(1,577,029)**<br>**1,326.349**<br>**0**<br> **(250.680)**|



## **15. CONTINGENT LIABILITIES** 

During May 2000, the School’s tax status was clarified with the tax authorities and the School was granted a Greek tax registration number. According to Greek tax legislation, tax returns are filed annually but the profits or losses declared for tax purposes remain provisional until such time as the tax authorities examine the returns and the records of the tax payer and a final assessment is issued.  As the School has never been audited by the tax authorities since inception, its liability for taxes, fines, duties and any other dues or actions that may be levied or taken against it by the said authorities is not considered finalised. 

Given the clarification of the School’s income tax status described above, the School’s principal activities are not subject to income taxes; as a result, the Directors believe that the possibility of realisation of such contingent tax liabilities is remote. 

Greek tax law 3842/2010 imposed, among others a special tax of 15% to various categories (entities or individuals) of real estate owners in Greece, simultaneously providing for certain exceptions. The School, as a not for profit organization, is exempted from the above mentioned tax. The law specified that a formal procedure of submitting an exception application and a zero tax return to the tax authorities had to be followed. The School did not file an exception application with the tax authorities, for the calendar year 2010 but it directly submitted a zero tax return. Management believes that, because the School is exempted of the above mentioned tax non strict implementation of the above formalities will not result in any additional tax burden. 

## **16. POST BALANCE SHEET EVENTS** 

On the 6[th] of November 2023 the School signed an agreement with the construction Company Redex SA to begin the Phase 1 construction of the Wella Sports Complex. Phase 1 relates to the construction of three large classrooms that will be used for examinations as well as lessons. The contracted cost inclusive of VAT is €571,877. 

On the 1[st] of November 2023 the school signed a rental agreement with the owners of a plot adjacent to the upper school for a three-year rental at €8,000 a month for three years. The land 

_Page 29_ 



**ST. CATHERINE’S BRITISH SCHOOL Notes to the Accounts as at 31st August 2023** 

(All amounts in tables and notes are presented in € unless otherwise stated) 

will be used to build a five a side football pitch, a Basketball Court as well as Green spaces for use by the children of both the Upper and Lower Schools. 

_Page 30_